Bombardier Back to Brink After Rethinking Airbus A220 Deal - "The Joke Continues..."
"The joke continues..."
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- Shares decline most on record as company's outlook darkens
- Rail division's stumbles continue from London to Switzerland
Bombardier Inc.'s deal with Airbus SE to rescue its long-delayed and over-budget jetliner program was supposed to be a lifeline for the struggling manufacturer. Now the Canadian company is rethinking the joint venture, pushing the iconic train and plane maker to the brink once more.
The shares posted their biggest loss ever -- Bombardier is almost a penny stock again -- and bonds tumbled after the company said it was reassessing the A220 jet program with Airbus.
Costs for the new plane are rising, and the goal of breaking even may come later than expected, likely prompting a writedown when Bombardier reports earnings next month.
"The joke continues," said John O'Connell, chief executive officer of Toronto-based Davis Rea Ltd. "This company has been a disaster my whole career and I'm almost ready to retire."...
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